A top Realtor in the Savannah area. Jeri Patrick has a team with an established history of success of selling homes in and around the Savannah Area. Jeri specializes in the home buying and selling process and is available to answer any of your real estate questions, provide information and handle any obstacles that may arise.
Jeri Patrick began her Real Estate careers in 2002. Jeri’s strong ambition to be a success created a driving force in today’s real estate market.

Saturday, September 25, 2010

Elizabeth's Home Buying / Selling Blog

When I was growing up in the 1950s, people didn't buy their dream home as a first home. In fact, many people, my parents included, put sweat equity into their homes. My parents bought our first home in 1955 for $9,000. They got a break on the price in return for painting the interior and installing trimwork.

A recent story in the San Francisco Chronicle refers to a survey completed by Coldwell Banker Real Estate Brokerage. Its brokers said home affordability was the chief concern among today's home buyers, yet 81% of first-time home buyers expected to buy a home in move-in condition. Only 7% were willing to buy a fixer upper. Over the years, we've evolved into an instant gratification society. Few people seem to want to pay the price by starting out small and working their way up. But wanting it all right now is, in part, to blame for the current housing crisis. I would like to hope that we learn by our mistakes and are not bound to repeat the past. Living within your means is a good place to start.

Tuesday, September 21, 2010

Congress has acknowledged the unique circumstances that affect members of the U.S. Military by extending both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers. And in addition, they may be exempt from the previous recapture rules.

Under the new tax credit guidelines, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to transfer of duty or official extended duty are exempt from the recapture rule.

Tax Credit Deadlines for the U.S. Military (including members of the Foreign Service of the United States or an employee of the intelligence community) have been extended for one year and apply to sales with a binding sales contract in place on or before April 30, 2011 and closed before June 30, 2011.

Qualified applicants must have served at a duty station outside the United States for a minimum of 90 days between December 31, 2008 to May 1, 2010.

This is great news for our returning heros who have been serving our country as well as their families!